Carmignac Portfolio Commodities SICAV ISIN LU0164455502 Equity management

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Recommended minimum investment horizon : 5 years

At 24/04/2018
Michael HULME
Sector Equities
  • NAV : 314.62 €
  • D-1 : -0.49 %
  • YTD : +1.93 %
  • 12 Month : +8.04 %

We continue to favour companies without excessive debt levels capable of generating attractive returns on free cash flow in the long term.

2nd rank in the category natural resources equity fund over 10 years.

€uro Fund Award 2015
January 2015
All awards


Global equity fund invested in energy, natural resources, and related industrial companies. By combining a fundamental top-down approach and a disciplined bottom-up analysis, the Fund manager aims to select quality companies with attractive long-term growth prospects and sustainable cash flow generation, across the entire commodity value chain. The Fund aims to outperform its reference indicator over 5 years..

Carmignac Global Strategy March 2018

  • The technology sector was down
  • Oil prices rose
  • European peripheral yields eased

Exposure data

monthly weekly
March 2018
95.82 %
Investment rate
76.27 %
Exposure rate
Week from 13 to 20 Apr 2018
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Management Comments


March 2018

The Fund posted a negative performance but beat its reference indicator. The energy sector came under pressure during the month as oil prices fell, weakened by a sharper-than-expected rise in US crude reserves. The general weakness of equity markets, which affected the technology sector in particular, also had an impact. The price of gold, which provides a safe haven, rose as investors grew increasingly concerned about the looming trade war. As a result, our gold stocks (Goldcorp) were up. Our oil exploration and production companies (Geopark) also proved resilient, making a positive contribution to performance. We benefitted from our investments in commodity-related industries (Siltronic) as well. However, our diversified metals and mining (Glencore) and steel (ArcelorMittal) companies were down, threatened by new trade barriers. Our derivative strategies also proved costly. Equity exposure remained relatively cautious.


Week from 13 to 20 Apr 2018

This content is reserved to PRO SPACE members


Legal information

The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Management fees are included in performances. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIIDs (key investor information documents) and prospectuses available on this website. The KIID must be made available to the subscriber prior to purchase.

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